AvaTrade Review 2020

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AvaTrade Review 2020

What is AvaTrade?

Are They Legitimate? Read This Before You Invest

The Lowdown on AvaTrade

Who Are AvaTrade?

The concept of investing in cryptocurrencies presents one of the most interesting undertakings of today. Indeed, cryptocurrencies such as Bitcoins have grown so much in value and with that comes an opportunity for investors to realize solid returns. One of the players making it painlessly easy for that to happen has been operating globally since 2006. In this AvaTrade review, we are going to talk about how this UK-headquartered company plays a pivotal role in the fast-growing marketplace.

Who Can Trade with AvaTrade

Anyone with the desire to invest can be a part of AvaTrade. The platform has been designed in such a way that it is accommodative to all levels of traders. So, whether you are a beginner or an experienced trader, you can rest assured that this system has a module to get you moving.

AvaTrade has been on the trading markets for slightly over one decade. Throughout the years, the company has made a name for itself by remaining consistent and steadfast in providing a platform for growth for investors. Given that the company is registered and licensed to transact as an international broker, it provides an outstanding choice for prospective traders who would like to be part of a flexible and intuitive trading platform. Different AvaTrade review postings laud this as one of the revolutionary approaches to cryptocurrency investment available out there.

Conducting over 2 million trades per month across a user-base of 200,000 customers across the globe, AvaTrade is a platform for retail traders to comfortably grow their trading strategies and benefit from a variety of financial trading instruments, from Forex to commodities to cryptocurrencies and more. In an industry where trust is paramount, AvaTrade has built a business that not only complies with all standard regulation, but has been recognized for its superior service year-after-year.

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Trust and Recognition

AvaTrade is a trusted broker, with multiple AvaTrade reviews, over a decade of industry experience and global offices in over 10 countries worldwide. The company is an authorized broker-dealer and regulated according to many worldwide government institutions, giving users peace f mind that their funds are secure on the platform. However, because AvaTrade is not regulated in the United States, they are unable to accept clients residing in the US or take any deposits that originate in the United States at this time.

Not only is AvaTrade a trustworthy broker, because of its superior trading platform, reliable customer service, and trading options, it has won many awards for its contributions to the industry, including:

  • Best Forex Broker – 2020, 2020, 2020
  • Global Bitcoin CFD Trading Provider of the Year – 2020, 2020
  • Forex Excellence Award – 2020, 2020, 2020
  • FXEmpire Best Affiliation Program – 2020, 2020, 2020
  • DailyForex Most Reliable Broker – 2020, 2020, 2009

Instruments Available for Trade

While many trading platforms only provide a small selection of trading instruments, AvaTrade offers one-stop-shopping for users to trade a variety of financial instruments. Forex spot trading is available with both fixed and variable spread pricing. Additionally, Vanilla Options are available for Forex trading on the AvaTrade platform. Stocks, bonds, indices, commodities, and more are available to trade with Contract for Difference (CFD) instruments. AvaTrade even offers exposure to the newly emerging cryptocurrency industry, with CFDs available on 7 of the sectors top coins.

Exchange Onboarding

To start, AvaTrade requires submission of personal information, such as date of birth and address (which must be confirmed via a utility bill or bank statement), as well as the submission of a form of government-issued ID. It may take some time for identity verification to be completed.

Once the account identity is approved, a deposit to the account can be made. Deposit and withdrawal methods on AvaTrade include credit card, PayPal, bank wire transfer, Neteller, and more and may be dependent on your country of residence.

Trading Tools

One thing that makes AvaTrade stand out when compared to its competitors is its variety of tools built-in to its trading platforms, allowing traders of all levels to build custom trading strategies for success.

  1. Demo Account – Want to test out trading tools without the risk of losing real money? The AvaTrade Demo Account allows users to get used to using the AvaTrade platform and make simulated trades before making any real-money deposits.
  2. AvaTradeGo – This mobile app delivers charting and market trend analysis on-the-go. Trade forex, cryptocurrencies, stocks, and more from your mobile device.
  3. Guardian Angel – An add-on for MetaTrader 4, MetaTrader 5, Guardian Angel provides real-time feedback on trades and market changes. This tool will help mitigate future trading risks and increase your trading knowledge exponentially.
  4. Automated Trading – Do you have faith in a specific trading strategy? Or, would you like to simply ride on the backs of other traders with more experience than you? Automated trading tools such as DupliTrade and ZuluTrade allow you to do just that, giving users the opportunity to copy the trading strategies from other users to automatically execute trades without having to do any additional work.
  5. Education – AvaTrade has an entire section on its website devoted to user education, including everything from beginner tools and tips to a Forex eBook and video training tutorials. The Sharp Trader educational site provides daily trading analysis and tools to help traders build their skills.

AvaTrade Trading conditions

The minimum account deposit is dependent on the base currency and deposit method of each user, with the deposit minimums as follows, with the minimum for a credit card deposit on an account based in US Dollars being $100.

Withdrawals take 1-2 business days for approval on AvaTrade, with the entire withdrawal process taking up to 10 business days depending on the processing time and withdrawal method being used. Other important trading conditions to note are a minimum position for CFDs of 0.01 lots, with the minimum spread available on Floating Spreads account of 0.9 pips, while fixed spreads start from 3 pips, and up to 400x trading leverage.

AvaTrade Fees

A big part of any trading platform, fees play a large role in determining the benefit of any financial marketplace. AvaTrade does not collect fees on a commission basis, and instead, works across Bid/Ask spreads to collect fees from users. Spreads are calculated on a per contract basis and dependent on the financial instrument being traded. A few example spreads for various financial instruments include:

  • Apple (AAPL) – 0.06 over market
  • Google (GOOGL) – 0.20 over market
  • Crude Oil – $0.03
  • Gold – $0.50
  • 5 Year US T-Note – 0.03 over market
  • EUR/USD fixed rate – 1.9 pip
  • EUR/GBP fixed rate – 2.5 pip
  • BTCUSD (Bitcoin to US Dollar) – 0.75% over market
  • Ethereum – 1% over market

Spreads change according to market conditions, so the most up to date version should be checked directly in the trading conditions section of the AvaTrade site found here.

Customer Support

A review of AvaTrade found that its customer support service is extensive, providing local phone support for a variety of countries worldwide, live online chat support, and email request ticket submissions. This variety of support tools gives users plenty of outlets to get all of their questions answered, and tickets that are submitted during off-business hours are usually responded to within 24 hours. At the beginning of 2020 AvaTrade experienced an overwhelming inflow of new customers that resulted in longer than usual support response times, but they increased their workforce capacity in order to handle it, and are back to normal response times.

AvaTrade Review

While AvaTrade provides multiple platforms for algorithmic and social copy-trading, the broker’s overall client experience trails industry leaders. Customer service is terrible, pricing is just average, less than 1000 instruments are available to trade, and research is underwhelming.

Top Takeaways for 2020

After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on AvaTrade:

  • Founded in 2020, AvaTrade is regulated in three tier-1 jurisdictions and three tier-2 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading.
  • Alongside MetaTrader, AvaTrade offers its proprietary web platform, as well as ZuluTrade and DupliTrade, for social copy trading. The variety of platform options makes AvaTrade competitive in this area.
  • AvaTrade offers terrible phone service. Also, compared to pricing leaders such as CMC Markets and FOREX.com, AvaTrade does not rank among the best brokers for low cost trading.

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Overall Summary

Feature AvaTrade
Overall 3.5 Stars
Trust Score 93
Offering of Investments 3.5 Stars
Commissions & Fees 4 Stars
Platform & Tools 3.5 Stars
Research 3.5 Stars
Mobile Trading 3 Stars
Customer Service 1 Stars
Education 4 Stars

Is AvaTrade Safe?

AvaTrade is considered low-risk, with an overall Trust Score of 93 out of 99. AvaTrade is not publicly-traded and does not operate a bank. AvaTrade is authorised by three tier-1 regulators (high trust), three tier-2 regulators (average trust), and two tier-3 regulators (low trust). AvaTrade is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC) and the Japanese Financial Services Authority (JFSA), and via Friedberg Direct, with the Investment Industry Regulatory Organization of Canada (IIROC). Learn more about Trust Score.

Feature AvaTrade
Year Founded 2006
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 3
Tier-2 Licenses 3
Tier-3 Licenses 3
Trust Score 93

Offering of Investments

While it still trails many brokers in the multi-asset category, AvaTrade continues to expand its range of markets, scope of trading tools, and the number of licenses under its regualtory umbrella. The following table summarizes the different investment products available to AvaTrade clients.

Feature AvaTrade
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 60
CFDs – Total Offered 681
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

Overall, AvaTrade’s spreads are not its most competitive feature, as the average spreads on its variable pricing are higher than those of its top pricing competitors CMC Markets and FOREX.com.

Spreads: With variable pricing, AvaTrade offers typical spreads of 0.9 pips (median value derived from spreads during trading hours – 7:00-18:00 GMT – for the four weeks ending November 28th, 2020). Compared to our testing last year, AvaTrade’s spreads had slightly improved although it’s worth mentioning that AvaTrade also reintroduced fixed spread pricing which helped reduce its spreads.

Feature AvaTrade
Minimum Initial Deposit $100.00
Average Spread EUR/USD – Standard 0.92 (Dec 19)
All-in Cost EUR/USD – Active 0.62 (Dec 19)
Active Trader or VIP Discounts Yes

Platforms & Tools

AvaTrade offers a proprietary platform, multiple third-party trading platforms for copy trading, including ZuluTrade and Tradency, as well as MetaTrader 4 (MT4) (and in select locations MT5).

AvaTrade web: The AvaTrade web platform is easy to use. Unfortunately, it also is elementary, offering limited charting capabilities and only a handful of trading features. As far as proprietary platforms go, IG, Saxo Bank, and Dukascopy are our undisputed kings for 2020.

Copy-trading: AvaTrade finished Best in Class for social copy trading in 2020, with multiple platforms on offer. AvaTrade’s steady progress in this category has helped to elevate it closer to industry leaders such as eToro, Pepperstone, and Darwinex.

Research

AvaTrade has just an okay offering of research tools across multiple channels, including DupliTrade, a social-copy trading platform, and the cPattern indicator available as a plugin for MT4.

Trading signals: Copy trading platforms aside, the main highlight from AvaTrade’s research offering is AutoChartist. With a popular set of pattern-recognition tools for technical and fundamental analysis, AutoChartist helps traders find trending opportunities and is available at AvaTrade for live account holders who deposit at least $500.

Market analysis: With SharpTrader, users can find daily and weekly technical and fundamental analysis articles published daily from a team of analysts, along with integrated tools from external providers. However, during our testing, we saw it had been over seven months since a market video update was posted.

Mobile Trading

Besides offering MT4, AvaTrade also provides the AvaTradeGO app as its primary proprietary mobile trading platform, along with its more recently launched AvaOptions app for trading forex options.

AvaTradeGo: The AvaTradeGo app closely resembles its web-counterpart and comes with a robust set of default watchlists, and a volatility protection feature called AvaProtect (which uses a forex option to allow traders to reduce risk by partially hedging their trade). Charting comes with 93 indicators, which are plenty for technical analysis. Yet, there is no fundamental news or related research content, leaving an otherwise unbalanced offering in the AvaTradeGo experience, compared to industry leaders such as Dukascopy.

Forex Options: For someone experienced with options trading, the AvaOptions mobile app removes the need to read a traditional options chain, by reinventing how traders can select their desired strike price, time-horizon, and strategy, from a single screen. While I am thoroughly impressed with what AvaTrade has done with the AvaOptions app in terms of the UI/UX designs, the payoff diagrams depicted visually are hard to understand and could use explanatory notes. Nonetheless, with 14 default options trading strategies available, merely selecting a strategy will automatically populate the order-ticket with the related options contracts. And traders can change the strike price by dragging it higher or lower, along with selecting a different expiration date, all impressive features for trading forex options via mobile.

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: >5 minutes
  • Average Net Promoter Score: 1.5 / 10
  • Average Professionalism Score: 1.3 / 10
  • Overall Score: 1.63 / 10
  • Ranking: 21 st (22 brokers)

Other notes

While not directly regulated in Canada, AvaTrade caters to clients in the country through its partnership with Friedberg Direct, which required regulatory approval.

Final Thoughts

AvaTrade offers traders multiple platforms through its regulated brands, providing traders with a wide range of options for using trading tools across a limited range of markets. Compared to the best forex brokers, AvaTrade left us unimpressed.

About AvaTrade

Founded in 2006, AvaTrade has offices in 11 countries and provides multiple trading platforms for web, desktop, and mobile devices, offering spot forex and forex options and CFDs on numerous asset classes, including cryptocurrencies.

AvaTrade is regulated in major regulatory hubs across the globe. AvaTrade’s headquarters is in Ireland, where its regulator is the Central Bank of Ireland and is a member of the Investor Compensation Company DAC (ICCL), which provides eligible clients up to EUR 20000 of maximum reimbursement in the extraordinary event of their broker’s insolvency.

AvaTrade Trading Features

Feature AvaTrade
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader No
Charting – Indicators / Studies (Total) 51
Charting – Drawing Tools (Total) 31
Charting – Trade From Chart Yes
Watchlists – Total Fields 7
Order Type – Trailing Stop Yes

AvaTrade Research Features

Feature AvaTrade
Daily Market Commentary Yes
Forex News (Top-Tier Sources) No
Weekly Webinars No
AutoChartist Yes
Trading Central (Recognia) No
Delkos Research No
Social Sentiment – Currency Pairs No
Economic Calendar Yes

AvaTrade Mobile App Features

Feature AvaTrade
Android App Yes
Apple iOS App Yes
Trading – Forex Yes
Trading – CFDs Yes
Alerts – Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting – Indicators / Studies 30
Charting – Draw Trend Lines Yes
Charting – Trend Lines Moveable Yes
Charting – Multiple Time Frames Yes
Charting – Drawings Autosave No
Forex Calendar No

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

AvaTrade Review 2020

Regulated By: ASIC, BVI, CBI, FSCA

Foundation Year : 2006

Headquarters : Five Lamps Place, 77-80 Amiens Street, Dublin 1, DO1A742, Dublin, Ireland

Min Deposit : $100

Your capital is at risk

Latest Tweets by @AvaTrade

FXEmpire’s 2020 Best Broker Awards Winners

Here at FXEmpire, we would like to welcome you to the 2020 Broker awards. The awards mark excellence and innovation among the operators working in the Forex, CFD’s and Cryptocurrency arenas.

Manchester City Launches Partnership with AvaTrade

AvaTrade to become Official Online Trading Partner of Manchester City. Leading online trading broker signs multi-year partnership covering China, Asia, and Latin America

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